Wizz Air sacks chief supply officer for undisclosed trading
By Josh White
Date: Friday 29 Oct 2021
(Sharecast News) - Wizz Air confirmed the sacking of its chief supply officer Andras Sebok on Friday, after he made 114 transactions in the company's shares without disclosure between April 2019 and November 2020.
The FTSE 250 low-cost carrier said Sebok did not make it or the Financial Conduct Authority aware of his dealings, despite the fact he was considered a 'person discharging managerial responsibilities' (PDMR).
According to the Telegraph, Sebok sold around £1.8m of shares and bought about £2.3m of Wizz Air stock over the period.
"The company was unaware of these transactions at the time that they occurred as the PDMR did not make any notification to the company in accordance with applicable regulatory obligations and the company's policies," Wizz Air said in its statement.
"The company was subsequently made aware of the transactions in the context of an FCA enquiry concerning trading by the PDMR, and therefore makes this announcement accordingly."
Wizz Air said it had "robust systems and controls" in relation to employee share dealings, including a "clear" PDMR share dealing policy, which was breached in this case.
"Employment of the relevant PDMR has terminated with immediate effect, and the company will continue to cooperate with the FCA in relation to any further enquiry or investigation."
At 0926 BST, shares in Wizz Air Holdings were up 0.32% at 4,645p.
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